230 Units — Greater Miami
Waterleaf Townhomes & Apartments
Year built: 1991 Phase I / 1994 Phase II
Location: Port St. Lucie, Florida
Acquired: August 2017
Purchase price: $26.75 million
1031 exchanges: 5
Equity invested: $10 million
CapEx budget: $2.6 million
Waterleaf is located on Florida’s east coast approximately 50 miles north of West Palm Beach. Port St. Lucie is best known for its award-winning PGA Village golf resort and for hosting the New York Mets’ spring training camp. Port St. Lucie is also part of Florida’s Research Coast. Multiple biotech companies have committed to the area.
Over $2 million in capital improvements have elevated the clubhouse, pools and landscaping as well as the apartment interiors. This has enabled Waterleaf to capitalize on its enviable location and on its highly sought-after townhome floor plans.